Family Matters

COMPARED WITH 2003, when U.S. equity mutual funds gained a scorching 32.44%, on average, 2004 produced subdued results, with the typical stock fund up 11.96%. But that certainly wasn't a bad showing, especially when weighed against the lousy returns -- even outright losses -- stock funds notched during the bear market from 2000 through 2002.

As usual, the fortunes of most of the firms in our annual Fund Families Survey -- Barron's tenth -- hinged on returns from equity portfolios. With domestic stocks accounting for by far...